US and Canadian oil and natural gas companies covered by S&P Global Market Intelligence raised about $349.4 million of capital in July, a steep drop from the $6.35 billion raised in June.

The sector completed six common equity offerings and one debt offering in July, with the sole debt offering accounting for $152.4 million of the total capital raised.

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All segments notch YOY gains in first half

All three covered oil and gas segments recorded year-over-year increases in capital raised in the first seven months of 2023. The storage and transportation segment raised $21.21 billion, an $8.72 billion increase from the amount raised in the same time frame in 2022. Exploration and production companies raised $10.73 billion, about 5.8% higher year over year. Refining and marketing companies raised $6.71 billion, more than four times the year-ago level.

Largest offerings in July

HighPeak Energy Inc. had the largest offering of all US and Canadian oil and gas companies in July, at $155.8 million. The Fort Worth, Texas-headquartered oil and gas company on July 19 completed an offering of 12.9 million common shares at $10.50 apiece for working capital and to enhance its near-term liquidity.

Calgary, Alberta-headquartered liquids infrastructure company Gibson Energy Inc. on July 13 completed the sole debt offering for the month, issuing $152.4 million of debt securities. The company raised funds for its recently completed acquisition of South Texas Gateway Terminal LLC.

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